House panel approves ban on mandatory auditor rotation

A bill that would prohibit the mandatory rotation of auditors, a plan considered by the Public Company Accounting Oversight Board, received unanimous approval in the House Financial Services Committee on Wednesday. "It is boards of directors, management and shareholders who should ultimately make the decision about which accounting firms should audit a company's financial statements -- not the PCAOB," said Rep. Jeb Hensarling, R-Texas.